Maddisondute

What follows involves due diligence on the property itself. An independent lawyer should verify the registered title, any mortgages or liens, building permits and whether the vendor is actually the person entitled to sell.

Owning brings what renting cannot: predictable housing costs, the right to alter the property, and equity that can grow in value. In certain markets, holding property also supports a visa application.

Closing costs hit at the very beginning. From one market to another, these typically include transfer tax or stamp duty, notary costs, registry costs, lawyer's fees and the agent's commission.

The next stage is due diligence on the property itself. An independent lawyer should verify the ownership record, existing charges, planning permissions and whether the vendor can legally transfer it.

Purchasing off-plan on trust has damaged many budgets. Before paying anything, examine the developer's completed projects, the planning approvals, and whether payments are held in escrow.

Remote ownership introduces its own cost line. A caretaker needs to hold keys for maintenance visits, accept mail and official notices, and organise the work of contractors.

Past the headline threshold, such permits impose further conditions. Common ones include a police clearance certificate, health cover, documented income and a required physical presence on local soil annually.

Insurance, utility standing charges and exit costs complete the budget. The tax due on a future sale can apply when a non-resident sells, sometimes at a different rate.